JCPenney Dropped from S&P 500 Index

JCPenneyNew York—In its latest fall from grace, JCPenney has been removed from the Standard & Poor’s 500 index after loosing more than half its market value in this year alone.

According to a statement released Friday by S&P Dow Jones Indices, which runs the S&P 500, Allegion Plc, a provider of mechanical and electronic security for homes and businesses, will replace JCPenney on the prestigious index. Now JCPenney, which reported a wider third quarter loss last week, will be among the S&P MidCap 400 Index replacing Aeropostale which will move to the SmallCap 600 Index. JCPenney’s and Aéropostale’s market capitalizations are now more representative of the mid cap market and small cap market spaces respectively,” S&P Dow Jones Indices stated.

JCPenney’s downward stock spiral began during the disastrous 17-month tenures of ousted CEO Ron Johnson who initiated a transformation of the department store. Under CEO Mike Ullman, JCPenney is showing signs of stabilizing but the company’s stock has dropped some 55% this year to about $8.87 a share and giving the retailer a market capitalization of about $2.7 billion.

The S&P 500 Index is widely regarded as the best single gauge of major U.S. equities, accounting for some $1.6 trillion in assets including 500 leading companies representing about 80% of available market capitalization.

JCPenney was one of 68 original members of the S&P 500 when it was created in 1957.

Sears Holdings, another original member of the S&P 500, was booted from the index last year.

 

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com